(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Sep 17, 2021, 09:09 /Comserve / -- Armor Materials Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The Global Armor Materials Market is projected to register a CAGR of over 7% during the forecast period (2021-2026).
Due to COVID-19, many manufacturing industries were stopped due to lockdown regulations. However, many armor manufacturing companies such as TenCate Advanced Armor and NP Aerospace continued to run the production by re-organizing and ensuring the safety of employees and following government regulations to provide continuous supply to customers. For example, NP Aerospace company announced on March 2020, that the company had seen significant growth in vehicle armour, personal armour and Bomb Disposal suit product lines, which is extremely positive news and it continue to see significant ongoing activity within Protected Mobility Fleet vehicle programme with the UK MoD". Such factors boosted the market during the pandemic.
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- Over the medium term, the major factors driving the market are the development of advanced weapons and increased homeland security concerns.
- On the flip side, the high cost of production of defense products and negative impat of COVID-19 pandemic are likely to hinder the market's growth.
- Increasing defense budget is projected to act as an opportunity for the market in future.
- North America region dominated the market, holding the largest share and is expected to dominate the market during the forecast period.
Key Market Trends
Body Armors Application Expected to Lead the Market
- Homeland security concerns have made it necessary for all countries to have well-trained defense forces. Requirement for army training is increasing owing to the increasing bilateral tensions between the nations.
- For homeland security, soldiers are meant to fight, for which they require weapons, vehicles, and body shields to protect them.
- Wearing body armor is almost a common practice, and in a lot of instances, mandatory among military personnel and special forces, as they help reduce fatalities in military environments.
- During wars, soldiers have to wear body armor and carry weapons, such as guns, grenades, etc. Hence, these are to be made available to military personnel during wars. Every year, more individuals join the army, creating a further demand for armors and weapons.
- Increasing terrorist attack threats, such as the ISIS attack in some of the countries of Middle East are leading to an increase in counter terrorist operations and preventive measures.
- Countries across the globe invest heavily in maintaining the sufficient supply of all such goods in anticipation of war. Armor materials are used extensively to produce body armors, weapon armors, armored vehicles, tankers, etc. Hence, the demand for armor materials is driven considerably by the increasing homeland security concerns.
North America to Dominate the Market
- North America region dominated the global market share. The United States is one of the largest consumers of armor materials globally.
- This is majorly owing to the rising homeland security concerns due to terrorism. United States was the largest military spending nation. The United States was the largest military spending nation with the largest military forces globally.
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- There are emerging geopolitical and bilateral tensions between the major nations. Furthermore, the increasing terrorist activities lead to the increasing procurement of armor materials to manufacture defense equipment.
- United States also struck a major deal with Saudi Arabia for arms deal sales, along with the sale of F-35 combat aircrafts.
- Lockheed Martin, which is the largest domestic manufacturer of fighter jets, announced its decision to nearly triple its annual production to more than 160 jets, by 2023.
- The US army also announced its plans on spending about USD 1.4 billion on manufacturing of light weight tanks project, over the forecast period.
Competitive Landscape
The armor materials market is partially consolidated. Key players in the armor materials market include DuPont, Teijin Aramid B.V., Koninklijke Ten Cate BV, NP Aerospace, and Honeywell International Inc, among others.
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Development of Body Armor and Advanced Weapons
4.1.2 Increasing Homeland Security Concerns
4.2 Restraints
4.2.1 High Cost Of Production Of Defense Products
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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